Athabasca Oil Corporation Provides Joint Venture Clarification

CALGARY, Aug. 31, 2012 /CNW/ – Athabasca Oil Corporation (TSX:  ATH) is
responding to a requirement from Investment Industry Regulatory
Organization of Canada (IIROC) to comment on the article appearing in
today’s Globe and Mail regarding Athabasca having signed a memorandum
of understanding for a joint venture.

Athabasca confirms that it has signed a letter of intent that
contemplates a joint venture involving Athabasca’s Hangingstone and
Birch properties.

The proposal contained in the letter of intent is conditional upon,
among other things, finalization of definitive documentation and the
receipt of all necessary internal and regulatory approvals. Athabasca
cautions that no assurance can be given that the transaction
contemplated by the letter of intent will be completed.

Athabasca does not intend to make any further announcements or
communications regarding this potential transaction until either a
definitive agreement has been reached or it determines that disclosure
of developments is appropriate.

SOURCE Athabasca Oil Corporation